NEW ORLEANS (WVUE) – The project to redevelop the abandoned Bywater Naval Base into a mixed-use residential and retail complex is moving forward without its key figure, well-known New Orleans real estate mogul Joe Jaeger.
Jaeger, 77, died in June, days after a car accident, leaving the fate of the long-stalled, $168 million redevelopment project uncertain.
But developers assured Bywater residents and business owners at a meeting Monday evening (August 19) that the project is still moving forward at full speed.
“I think you think first of the loss of a good man and then what this means to us in this neighborhood for the naval base,” said one resident. “I really appreciate that the company wants to go ahead and move this forward because it was really a labor of love for him.”
Brian Gibbs Development, which already had a smaller involvement, will take on a co-developer role, said representatives of MCC Real Estate, Jaeger’s company.
Together, they are working with a number of construction companies, lawyers and financiers to reach the final milestone before they can begin construction: financing the first phase of the project with $168 million.
“It’s the most comprehensive and informative meeting I’ve ever been to on this topic, and I’ve been to many meetings on this topic,” said Desiree Baiamonte, owner of Jack Dempsey’s, which is right across the street from the base. “We’ve been waiting for this for so long.”
The project calls for 294 affordable and workforce housing units in the building closest to Poland Avenue. The second building will become a parking garage with integrated retail on the ground floor.
The second phase of the project will see the construction of the third building on the site closest to the industrial canal. Plans and financing for this are not yet finalized.
“We want to go through that 21-month phase one cycle,” said developer Shawn Barney. “Once we reach a financial close, we’ll start discussing, hopefully with community input and participation, what the balance of the site should look like.”
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Barney told a packed room of residents and interested parties that construction on the first phase could begin as early as next year and that the team is working to secure the final portion of HUD funding either by the end of this year or early 2025.
“Great public-private partnerships take time,” Barney said. “They require the commitment of everyone involved. That’s neighbors, developers, city and elected officials. And I think what you saw today and what will come out of this is a unified and focused effort to get the project moving.”
Once financing is secured, the first phase of the project will take about 21 months to complete, Barney said.
“I’m cautiously optimistic,” said City Councilman Freddie King. “When you have state, city and federal resources available and so many different partners working together, everything takes time.”
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